Bain brings in PSP as Wittur co-investor

The pension fund said it will closely cooperate with Bain as sponsor and trusted partner to further bolster Wittur's international expansion.

Bain appointed Goldman Sachs and Deutsche Bank to run a dual-track process on Wittur in October 2018, according to Reuters. The report said that Partners Group and Cinven had expressed interest in the asset, which was expected to be valued at more than €1bn based on adjusted EBITDA of €57.8m for the first six months of 2018.

PSP is one of Canada's largest pension investment managers with C$158.9bn in net assets. It invests in private equity through both fund investments and direct investments, targeting a 50/50 split.

The GP made the original investment in Wittur from its €3.5bn Bain Capital Europe IV fund, which held a final close in October 2014. PSP is an LP in the fund, Unquote understands. 

Previous funding
Cerberus Capital Management, CSFB Private Equity and Goldman Sachs Private Equity acquired Wittur from its founder, Horst Wittur, in 2005. The consortium initially planned to divest Wittur in 2008, but sales attempts fell through due to market conditions at the time.

Triton and Capvis acquired Wittur in December 2010 in a secondary buyout. Capvis invested via its Capvis Equity III LP fund and took a minority stake. UniCredit was the lead mandated arranger of the €175m debt package.

Company
Wittur was founded in 1968 and is headquartered in Wiedenzhausen, Bavaria. It makes elevator components for clients in 50 countries globally. The business employs 4,600 people and expected to generate adjusted EBITDA of €120m for 2018, according to Reuters.

People
PSP Investments – Przemek Obloj (managing director).
Bain Capital Private Equity – Michael Siefke (managing director).
Wittur Group – Antoine Doutriaux (CEO).

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